This study examines the relationship between Internet literacy, online risk, risk coping strategies, parental mediation, and life satisfaction in Taiwanese adolescents. Data from the 2014 Taiwan Communication National Survey Database were used in this study. The results demonstrate that Internet literacy and parental mediation influence online experiences and increase life satisfaction. Active parental mediation and socialstructural literacy are negatively correlated with online risks. Active parental mediation also increases adolescents’ Internet skills, self-efficacy, critical literacy, social-structural literacy, and tool literacy. Furthermore, higher levels of active parental mediation, higher information literacy, and less online risks encountered lead to higher life satisfaction in adolescents.